Loan and Interest Calculations Quiz

Jonah Tigo's bank granted him a single-payment loan of $2,300 for 75 days at 6.5% exact interest. What is the maturity value of the loan?

• $2,345.63

• $2,350.00

• $2,315.00

• $2,400.00

Catarina Chow's bank granted her a single-payment loan of $7,200 for 180 days at 8.5% ordinary interest. What is the maturity value of the loan?

• $7,506.00

• $7,500.00

• $7,300.00

• $7,600.00

Emmy Watson is buying a new oven for $915.00. She made a down payment of 20% and financed the remainder. How much did she finance?

• $732.00

• $750.00

• $800.00

• $700.00

Mel Guzman obtained an installment loan of $2,700 to purchase a new computer. The annual percentage rate is 9%. She must repay the loan in 24 months. What is the finance charge?

• $243.00

• $250.00

• $200.00

• $300.00

Micah Jones obtained an installment loan of $12,500 to remodel his home. The annual percentage rate is 8%. He must repay the loan in 48 months. What is the finance charge?

• $2,000.00

• $2,100.00

• $2,200.00

• $2,300.00

Adriana Black obtained a loan to purchase a boat for $9,275 at 6.25% interest for 36 months. The monthly payment is $283.22. How much of the first monthly payment is interest?

• $48.44

• $50.00

• $45.00

• $55.00

James Morse obtained a $7,500 loan at 7% for 54 months. His monthly payment is $162.31. After 12 payments, the balance is $6,030.71. What is the interest on the 13th payment?

• $35.18

• $40.00

• $30.00

• $45.00

Ernesto Sanchez obtained an $8,900 loan at 14% for 24 months. After 15 payments, the balance is $3,630.76. What is the interest on the 16th payment?

• $42.41

• $45.00

• $40.00

• $50.00

What is the maturity value of Jonah Tigo's single-payment loan of $2,300 for 75 days at 6.5% exact interest?

• $2,330.72

• $2,350.00

• $2,320.50

• $2,340.00

Catarina Chow's bank granted her a single-payment loan of $7,200 for 180 days at 8.5% ordinary interest. What is the maturity value of the loan?

• $7,506.00

• $7,400.00

• $7,600.00

• $7,450.00